The Reserve Bank of India has extended the Direction on Varanasi based Banaras Merchantile Co-op Bank for a period till December 03, 2023.
The UCB was first placed under restriction on March 03, 2023. The validity of the Directions was up to September 03, 2023. And now to December.
All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the Directive dated August 28, 2023 notifying the above extension is displayed at the bank’s premises for the perusal of members and public.
The issue of the above Directions by the RBI should not, per se, be construed as cancellation of banking license by RBI. The Reserve Bank may consider modifications of these Directions depending upon circumstances.